HB2203 Summary

• Amends Arizona law governing endowed-care cemetery trust funds to allow trustees to convert trusts to total return unitrusts under Arizona Revised Statutes section 14-11014 without court approval.

• Permits trustees to administer endowed-care funds using unitrust amounts in addition to traditional income distributions for perpetual care of burial spaces.

• Clarifies that financial institutions serving as trustees have no legal obligation to operate a cemetery, only to provide trust fund income to receivers or successors of cemeteries unable to meet perpetual care obligations.

• Updates statutory language to reference unitrust provisions from Arizona's trust law and clarifies that trustee discretion applies to trust conversions and fund administration methods.